2020-10-09T04:09:13-00:00 2020-05-31 990 2019-06-01 381443369 Cornerstone University CORN 6169495300 1001 E Beltline NE Grand Rapids MI 49525 Scott Stewart VP CFO 6162221446 2020-10-09 false 198.62.73.4 2020-10-13 13:00:21 ED P 28E17C826174A72FDF541CCC45C27EF2F9B723C5 28E17C826174A72FDF541CCC45C27EF2F9B723C5 2019 2021-01-29 14:40:06Z Dr Joseph Stowell 1001 E Beltline NE Grand Rapids MI 49525 63016872 false X www.cornerstone.edu X 1941 MI Cornerstone University exists to empower men and women to excel as influencers in our world for Christ by offering a student-focused learning community where Jesus Christ is central. 17 16 1289 170 16042 7904131 11980525 45511450 42782789 664448 586897 -11979 -8751 54068050 55341460 12340881 12906538 0 22040257 22756208 16390 13632 1184248 17134695 15407548 51532223 51083926 2535827 4257534 99878742 101647008 16747097 14334477 83131645 87312531 The University, including Grand Rapids Theological Seminary, Asia Biblical Theological Seminary, and radio ministries, exists to empower men and women to excel as influencers in our world for Christ by offering a student-focused learning community where Jesus Christ is central. false false 26663454 12149392 35189987 Academic instruction and academic support make up the educational expenses. The university has over 270 full- and part-time staff and faculty. We have just under 2000 students on a 130-acre campus as well as an off-site location in Kalamazoo. 9732183 757146 998424 Student services includes campus life and activities including athletics, health counseling services, enrollment services financial aid, etc. Organized activities include summer sports camps, golf outings, special academic and athletic trips, banquets, and other miscellaneous activities. Through the CARES Act, we provided eligible students with 757,146 in relief grants. 6000020 6576493 Auxiliaries include room board, apartment rentals, hospitality events, and radio ministries. Cornerstone Radio Ministries includes the operations of five non-commercial radio stations WCSG - Grand Rapids with signals also in Kalamazoo, Benton Harbor and Battle Creek. 3,444,411 is included in contribution revenue on Part VIII, Line 1f. 42395657 true true false false false false false true false true true false false false true false false true true true true false false false true false false false true true true false false false false false false true false false false true false false false true true false false false true 2814 0 true 1289 true true true true SN RP TH HK false false false true true false false false false false false X 17 16 false false false false false false false true true false false true true true true true true true true false X Scott Stewart VP CFO Cornerstone Un 6169495300 1001 E Beltline NE Grand Rapids MI 49525 X Dr Joseph Stowell President 050.00 001.00 X X 180173 0 85643 John VerBerkmoes VP Dean of Seminary 050.00 X 139277 0 62468 Peter Osborn Assoc VP of Adult Lrng 050.00 001.00 X 135543 0 40184 Robert Sack VP of Advancement 050.00 X 112583 0 17928 Scott Stewart VP CFO 050.00 001.00 X 96022 0 10535 Dr Don Denyes Trustee, Vice Chair 001.00 001.00 X X 7493 0 0 Carole Bos Trustee, Chair 001.00 X X 0 0 0 Kristy Taylor Trustee 001.00 X 0 0 0 Steven Hawks Trustee, Treasurer 001.00 X X 0 0 0 Dr Albert Meredith Trustee 001.00 X 0 0 0 David Pray Trustee 001.00 X 0 0 0 Kelly Miller Trustee 001.00 X 0 0 0 Doug Busch Trustee 001.00 X 0 0 0 Dr Lee Zuidema Trustee, Secretary 001.00 X X 0 0 0 Rick Koole Trustee 001.00 X 0 0 0 Lori Cook Trustee 001.00 X 0 0 0 Drew Martin Trustee 001.00 X 0 0 0 Joe McDonald Trustee 001.00 X 0 0 0 Lee June Trustee 001.00 X 0 0 0 Artie Lindsay Trustee 001.00 X 0 0 0 Daniel Wielhouwer Trustee 001.00 X 0 0 0 671091 216758 4 false true false C2AE 106 W Allegan St Ste 500 Lansing MI 48933 Architect service 291866 The Christman Company 208 N Capitol Ave Lansing MI 48933 Construction contractor 4586120 Google Inc 1600 Amphitheatre Pkwy Mountain View CA 94043 Advertising 238950 EAB Global Inc 2445 M St NW Washington DC 20037 Marketing advertising 462709 Kleyn Electric Inc 0-306 Northern Dr NW Grand Rapids MI 49534 Electrical servicer 207367 15 22733 77298 1869671 10010823 253760 11980525 Tuition fee revenue 611710 35209209 35209209 Organized activity revenue 611710 650686 650686 Auxiliary revenue 611710 6576493 6576493 346401 327179 19222 42782789 254364 254364 72971 76151 -3180 -3180 -3180 7851191 9050 7527708 323483 9050 332533 332533 22733 6908 -6908 -6908 65982 64645 1337 1337 55341460 42764904 16042 579989 0 12906538 12906538 0 0 826166 161915 427414 236837 0 16624354 13869599 2366098 388657 1084144 852799 189457 41888 3015729 1653956 1280851 80922 1205815 984818 181060 39937 0 46897 6425 40472 63225 63225 0 13632 13632 10000 10000 0 1323305 1286431 36633 241 6868960 5360235 1251683 257042 1167806 173987 961269 32550 0 1129089 645570 483519 634210 545979 45673 42558 0 164146 139218 23674 1254 351192 333632 17560 0 2898438 2782500 115938 237379 227884 9495 Organized activities expenses 512901 464171 48730 0 51083926 42395657 7504021 1184248 90272 106571 14573742 12276986 3780039 4606970 1357352 1246289 829960 652134 183511 167925 420002 389739 122792787 53297396 66097017 69495391 12546847 12705003 99878742 101647008 3420392 3108788 2716557 2306696 6754873 5711168 3358617 2680215 496658 527610 16747097 14334477 X 43265455 42870725 39866190 44441806 83131645 87312531 99878742 101647008 X 4257534 -76648 X X false true X true true true X 12998941 10908884 12828213 7904131 11980525 56620694 12998941 10908884 12828213 7904131 11980525 56620694 10823766 45796928 214608 235839 452310 386225 254364 1543346 832 25723 353 26908 58190948 240237970 0.78700 0.79930 X 0.00000 0.00000 Part II Section C Line 16a The organization is a school as described under 170b1Aii and is not required to complete a public support schedule. Schedule A, Part II is completed to verify the School can qualify under public charity status section 170b1Avi and, therefore, qualifies to use the first listed special rule for Schedule B reporting. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2669300 X false false 10434362 415708 501198 704869 72121 10574278 10556691 288699 188720 550674 49074 10434362 9495546 937954 658768 430153 105424 10556691 8431622 601632 888213 352869 73052 9495546 7431738 1524579 -151656 300874 72165 8431622 0.12000 0.88000 false false 2073483 2073483 88213739 27447608 60766131 20893497 16425535 4467962 11612068 9424253 2187815 69495391 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Liabilities under split interest agreements 527610 527610 43263123 -76649 147704 71055 43192068 12149392 12149392 55341460 39082238 147704 147704 38934534 12149392 12149392 51083926 III 4 Cornerstone has some art sculptures displayed around campus that portray the Christian Worldview that we aspire to Creation, Fall, and Redemption. Since our school mascot is a Golden Eagle, we have a Golden Eagle sculpture in our athletic center. In Christ Chapel, we have four very large stained glass windows, a cross sculpture, and a large sculpture representing the life of Christ. We have had some more paintings and a German Torah Scroll donated to the University. V 4 The endowment funds have been established to provide financial support to the University, to award scholarships to students, and generate operating funds for certain divisions across campus. XI 2d Direct expenses from fund raising events 6,908 as listed on form 990, Part VIII, Line 8b rental expenses 76,151 on form 990, Part VIII, Line 6b and Cost of Goods Sold 64,645 on form 990, Part VII, Line 10b. XI 4b Scholarships and grants 12,149,392 to students is a contra revenue on the financial statements. XII 2d Direct expenses from fund raising events 6,908 as listed on form 990, Part VIII, Line 8b rental expenses 76,151 on form 990, Part VIII, Line 6b and Cost of Goods Sold 64,645 on form 990, Part VII, Line 10b. XII 4b Scholarships and grants 12,149,392 to students is a contra revenue on the financial statements. V 2b In accordance with the principles of FASB ASU 2016-14 ASC 958, the organization has implemented required changes to its audited financial statements for the period ended 05/31/2020. To date, Schedule D has not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Schedule D, Part V, Lines 2a-2c Line 2a - Without Donor Restrictions and Line 2b - With Donor Restrictions true true true true true true true false false false false false false false false true false true 6a Funds are received from the State of Michigan and Federal government agencies for student financial aid and work study programs. South Asia 1 1 program services theological education 15476 1 1 1 1 15476 15476 false false false false false false Part I Line 3 The University uses general ledger expense accounts to track the expenses to support the ABTS theological education program in Southeast Asia. The University uses the accrual basis for accounting for these types of expenditures. Athletics Golf Outing 22733 22733 6336 75 497 22733 22733 6336 75 497 6908 -6908 true Scholarships 1350 12149392 HEERF Grants to Students 1186 757146 Part I Line 2 The financial aid office of the University tracks the scholarships issued to students through the financial aid module of our ERP system. It tracks the information from the awarding process through the posting and disbursement processes. Award amounts are posted directly to the student accounts. No cash is distributed directly to the students. Part III Line 2 The Institution signed and returned to the Department of Education the Certification and Agreement document under Section 18004a1 of the CARES Act to provide Emergency Financial Aid Grants to students. TOTAL AMOUNT of Emergency Financial Aid Grants DISTRIBUTED to students was 757,146. The methods used by the institution to determine WHICH STUDENTS receive Emergency Financial Aid Grants and HOW MUCH they would receive A group of university representatives from Student Financial Services, Student Development, and all three academic programs worked on a method to determine which students would receive the HEERF grants. Because the intention was to promptly assist as many students as possible and understanding that all students were facing additional living and academic expense pressure due to the change in the academic delivery method, it was unanimously decided to provide a grant to all eligible students giving need priority to resident students who were inconvenienced the most after the university closed the residence halls. X X X true true false false false false false false false false false Dr Joseph Stowell President 149090 31083 14243 71400 265816 John VerBerkmoes VP Dean of Seminary 139077 200 22638 161915 Peter Osborn Assoc VP of Adult Lrng 135343 200 14407 11417 161367 Part I Line 1a Employees who perform teaching or administrative duties at a theological seminary and are officially ordained, licensed, or commissioned may be able to use the Housing Allowance Benefit, whether the benefit, or any part of it, was treated as taxable compensation to the listed person. Dr. Joseph Stowell, President of Cornerstone University Grand Rapids Theological Seminary, John VerBerkmoes, VP Dean of Seminary. Consistent with Sec. 107 of the IRS Code, this benefit is listed as non-taxable compensation on the employees W-2 Form. Part I Line 1a Occasional travel by the President requires his wife to travel with him for donor meetings that are essential to the business of the University. This benefit is not treated as taxable compensation. Part I Line 1a The Board of Trustees considers the Presidents membership at a local country club to be critical to furthering the business of the University. This benefit is listed as taxable compensation on the employees W-2 form. A Grand Rapids Economic Development Corporation 521701965 2013-10-24 11580000 refund 2004 bonds and finance a new residence hall false false false A 11580000 5400000 6180000 2013 true false true true A false false false false 0.01740 0.01740 false true A false true true false false false true A true Students Dependents of employees 17980 Merit scholarships X 9 231000 Closing price day of donation X Campus supplies 1 21221 invoice from vendor X Painting supplies 1 390 invoice from vendor X Coffee supplies 1 1149 invoice from vendor false true false Form 990, Part IV, Line 4 Cornerstone University pays membership dues to several state, regional, and national professional organizations MICU, NAIA, NACUBO, NASFA, CIC, CCCU, etc. consisting of numerous colleges and universities. Some of the professional organizations include varying degrees of lobbying activities in their overall focus. Form 990, Part VI, Section B, Line 11b The Board receives an electronic copy of the Form 990 prior to filing. Management also reviews Form 990 with our independent CPA audit firm prior to filing. Form 990, Part VI, Section B, Line 12c In the summer of each year, the Board members, Officers, and Key Employees are sent a copy of the policy and are asked to complete the conflict of interest survey on-line. They are asked to complete the conflict of interest survey questions by the end of August. It is the policy of the Board of Trustees of Cornerstone University that, in the event that the Board, officers, and/or managers of Cornerstone University are considering a transaction on behalf of Cornerstone University which will also involve 1 a member of the Board, an officer, a manager of Cornerstone University, or a member of their families spouse, parents, brothers, sisters, or lineal descendants, or 2 an organization with which any such person is affiliated as described below, then such trustee, officer, or manager at first knowledge of any such transaction, shall disclose fully the precise nature of his or her interest or involvement. Form 990, Part VI, Section B, Line 15a 15b The Executive Committee of the Board determines the wage for the President after reviewing salary comparisons of other like schools. The President also uses comparisons of other like schools in determining wages for Vice Presidents. The Vice Presidents wages are recommended by the President and approved by the Executive Committee of the Board. The Executive Committee minutes are ratified by the full Board in the Board minutes. Form 990, Part VI, Section C, Line 19 Cornerstone University makes its governing documents, conflict of interest policy, and financial statements available upon written request. The Form 990 is available on www.guidestar.org. Form 990, Part VI, Section A, Line 1a The purpose of the Executive Committee, made up of a Chair, Vice-Chair, Secretary, and Treasurer, is to assist the Board chairperson and the President with their joint responsibility to aid the Board in functioning effectively and efficiently, to assist the President at his or her request to address the business of the University between meetings of the Board, and to oversee the work of the Board committees between meetings of the Board. Between meetings of the Board of Trustees, the Executive Committee shall have general supervision of the administration and property of the University except that it may not take any action inconsistent with a prior act of the Board of Trustees, unless specifically empowered by the Board to do so. All actions taken by the Executive Committee shall be subject to revision, revocation, or alteration by the Board of Trustees, provided that no rights of third persons shall be adversely affected thereby. During this fiscal year, there were no unusual circumstances requiring Executive Committee action apart fro the full Board. All Executive Committee decisions were brought to the full Board for approval. All members of the Executive Committee are Board members. Form 990, Part VII, Section A, Line 1a Dr. Don Denyes, Trustee, receives compensation from Cornerstone University when hired as an adjunct professor to teach one or two courses in a given academic year. The compensation is not related to their role as a Trustee. Form 990, Part XI, Line 9 This line is the total revenue reported on the financial statements as Changes in Split Interest Agreements Form 990, Part XII, Line 2c The Finance/Audit Committee of the Board of Trustees assumes the responsibility for oversight of the audit and selection of independent auditors. Form 990, Part XII, Line 3b Because Cornerstone University participates in the Federal Title IV Financial Aid programs, the university is required to have an Uniform Guidance UG Audit conducted on the schedule of federal financial aid expenditures.